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Economics

Colombian President Slams Central Bank’s Interest Rate Rises

  • Highest borrowing costs since 2008 risk recession, Petro says
  • Petro floats idea of a temporary tax on hot money flows
Gustavo Petro

Gustavo Petro

Photographer: Victor J. Blue/Bloomberg
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Colombian President Gustavo Petro slammed the central bank’s decision to raise interest rates to a 14-year high, and floated a series of alternative measures including a tax on hot money flows. 

In a series of tweets, the leftist president said higher borrowing costs risk throwing the economy into recession while doing little to curb inflation.